for the purpose of sec.44AF of income tax act, retail trade means
3 Replies
vkbothra
(Learning )
(690 Points)
Replied 01 September 2010
U/s 44D applied on,
COMPUTING PROFITS AND GAINS OF BUSINESS OF CIVIL CONSTRUCTION
U/s 44AF applied on,
COMPUTING PROFITS AND GAINS OF RETAIL BUSINESS
;)
i agree....
Kamal Jain
(FCA)
(200 Points)
Replied 01 September 2010
Meaning of retail business has lost sanctity as w.e.f.1.4.2011 as , only 2 sections of presumptive taxation are operational from now onwards:
44AD Any trade except plying/hiring/leasing goods carriage
44AE plying /hiring/leasing of goods carriage
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